BitMEX co-founder Arthur Hayes stays bullish on the way forward for Hyperliquid (HYPE). He even believes that the token might flip Solana (SOL) in market capitalization till the top of the present crypto bull cycle.
Arthur Hayes Shares New Hyperliquid Prediction
Hayes responded to rising fears of a long-term downturn available in the market in a publish on X. He shared a picture of the crypto rankings and wrote: “Are we dreaming big enough? Looking at this list of mostly dogshit coins, I think $HYPE should at a minimum overtake $SOL before this bull run is over.”
The name is fascinating because of the quantity of catch-up that Hyperliquid must make. Arthur Hayes shared the market capitalization of the respective prime cryptocurrencies. In his snapshot, Solana holds a cap of round $47.73 billion and Hyperliquid boasts a valuation of $15.04 billion.
Hence, his prediction to come back true would require HYPE to extend by roughly 3.17x to succeed in the present valuation of Solana. If the HYPE worth is rising by 3.17x, then on the present worth of $67.69, the Hyperliquid token would surge to roughly $215.
However, this situation can be true if Solana is buying and selling in the identical vary because it has completed within the latest previous. In case SOL worth rallies, Hyperliquid must register additional positive aspects to surpass Solana within the prime crypto checklist. Thus, Arthur Hayes is now calling for the token’s valuation to be significantly larger than his earlier $150 forecast.
Hayes Rejects Bear Market Narrative
Arthur Hayes leveraged the publish to counter allegations from merchants that the crypto market is already in a bear run. Hayes responded to 1 consumer who mentioned they had been in a “bear market” by saying that his altcoin portfolio didn’t agree.
He mentioned that he believes the bull cycle remains to be intact regardless of the volatility of the main cryptocurrencies due to the sturdy efficiency of choose threat property. For context,
Arthur Hayes has been holding over 26,000 HYPE tokens in his portfolio to this point. He has doubled down on Hyperliquid as certainly one of his most assured investments. Along comparable traces, Grayscale is also buying HYPE.
His long-term thesis can be associated to regulatory developments and ongoing digital asset liquidity progress. In the previous, Arthur Hayes had estimated that the crypto bull market would proceed via 2028. He attributed the potential surge to extra widespread adoption of stablecoins and extra quantity in crypto buying and selling.
If Arthur Hayes’ forecast is to grow to be actuality, Hyperliquid must overcome a market-cap distinction of over $32 billion from Solana. With the present numbers, it might have to rally over 200% from at the moment to the purpose the place HYPE is within the $200 vary.
After his assertion, the HYPE price surged, 2.52% to $68.89 at press time on Sunday, May 31.
Hyperliquid Buybacks Amid Revenue Surge
Meanwhile, Hyperliquid’s tokenomics proceed to draw consideration from each retail and institutional buyers. Consistent demand for the token has been created because the protocol has bought greater than $1.16 billion price of HYPE from the open market.
Also, Hyperliquid has posted stable monetary outcomes. Hyperliquid Strategies lately introduced its quarterly earnings of round $152.5 million.
Moreover, Arthur Hayes is not at all the only place with a bullish tone. Recently, Bitwise CIO Matt Hougan referred to as HYPE a “generational asset.” He mentioned that buyers ought to contemplate the chance within the context of the $600 trillion international monetary market and never the dimensions of the crypto market.
Hougan additionally identified the necessity for Bitwise’s BHYP ETF, which he says is the very best single-asset crypto ETP launch since Bitcoin. The fund has taken in virtually $60 million since mid-May. Furthermore, Grayscale has updated its S-1 submitting for the Hyperliquid staking ETF. Experts imagine this transfer might pace up regulatory approval.
